At the end of each year, by instinct (some may say by basic need), we tend to predict what the next year will bring. We predict to have a better chance of controlling the future. If we know what’s coming, we can plan and make appropriate preparations today. Of course, the more research, the more accurate the predictions tend to be. When we don’t have the time, tools, or knowledge to invest in the research, we best rely on the experts that do.
The Innovation section of Forbes’ latest issue presents a summary of Supply Chain predictions by several experts. Using this information to plan areas of focus and investment would be a wise way to prepare for the year ahead.
With the global turmoil we’ve been experiencing the past couple of years, it’s no surprise that risk resiliency is a critical element of Supply Chain management. Being flexible, agile, and able to turn on a dime when unexpected circumstances arise can be the difference between sinking or staying afloat. Alternative sourcing is a way some businesses are reducing their own risk of supply chain disruption. Decentralizing and diversifying are other strategies that can reduce risk.
Jimmy Dickinson from NTT DATA believes a diversified enterprise across channels, products, geographies, and solutions has a greater likelihood of mitigating risk during the 2023 economic transition.
While all parts of an organization are exposed to macro-economic risks, having an assortment of business models increases the ability to pivot as needed.
Supply Chain visibility makes it possible to improve resilience and sustainability. We need visibility to track, measure, and analyze effectively. No one can argue that we work with more data now than ever before. The amount of information available to us can be daunting for those who don’t have the tools to translate it into meaningful wisdom. Vadhi Narasimhamurti from Deloitte elaborates:
Organizations continuously face the challenge of better leveraging the data they have to make informed decisions. While the volume and nature of data available to organizations has exploded in the recent years, the ability to translate that into meaningful, actionable, and real time insights is still lacking, both within the 4 walls of the enterprise and across the broader end-to-end value chain.
Set Up For Success
Partnering with the right Supply Chain solution providers will give any company better control of its processes. The more executives can rely on their solution partners’ expertise, the more stability they gain, and better decisions are made to bring added value to their shareholders. The network upon which communication travels within a supply chain is the backbone of its success. The team at Loren Data Corp. makes it their mission to offer a best-in-class network and tools coupled with attentive service to each customer. We are powered by innovation and work to ensure our customers’ complete satisfaction. That’s the Loren Data difference.
Linda Comito Moore
Director, Loren Data Corp.